1630                             Laws of Maryland                       Ch. 559

in any such fiscal year shall prove inadequate for the above pur-
poses, additional taxes shall be levied in the succeeding fiscal year
to make up any such deficiency. The County may apply to the
payment of principal and interest of any bonds issued hereunder
any funds received by it from the State of Maryland, the United
States of America, any agency or instrumentality thereof, or from
any other source, if such funds are granted for the purpose of
assisting the County in flood prevention and watershed projects, and
to the extent of any such funds received or receivable in any fiscal
year the taxes hereby required to be levied may be reduced pro-
portionately.

Sec. 6. And be it further enacted, That the County is hereby
further authorized and empowered, at any time and from time • to
time to issue its bonds in the manner hereinabove described for the
purpose of refunding, upon purchase or redemption, any bonds
issued hereunder. The validity of any such refunding bonds shall
in no way be dependent upon or related to the validity or invalidity
of the obligations so refunded. The powers herein granted with
respect to the issuance of bonds, and also the limitations herein on
such powers shall be applicable to the issuance of refunding bonds.
Said refunding bonds may be issued by the County for the purpose
of providing it with funds to purchase in the open market any of
its outstanding bonds issued hereunder, prior to the maturity thereof,
or for the purpose of providing it with funds for the redemption
prior to maturity of any outstanding bonds issued hereunder which
are, by their terms, redeemable. The resolution authorizing the
issue of any such refunding bonds shall describe the issue or issues
of bonds of the County so to be refunded, and no issue of such
refunding bonds shall exceed in amount the par amount of such
bonds so described in said resolution. No such refunding bonds
shall actually be delivered to the purchaser or purchasers thereof
more than six (6) months in advance of redemption date or dates
of bonds to be redeemed and refunded and the proceeds of the sale
of any such refunding bonds shall be segregated and set apart by
the County as a separate trust fund to be used solely for the purpose
of paying the purchase or redemption prices of the bonds to be
refunded.

SEC. 7. And be it further enacted, That in the issuance of any
of the bonds authorized hereby, the County may, prior to the
preparation of definitive bonds or obligations, issue interim certifi-
cates or temporary bonds, with or without coupons, exchangeable
for definitive bonds when such bonds or obligations have been
executed and are available for delivery; provided, however, that any
such interim certificates or temporary bonds shall be issued in all
respects subject to the restrictions and requirements set forth
herein. The County may, by appropriate resolution, provide for the
replacement of any bonds issued hereunder which shall have be-
come mutilated or be destroyed or lost upon such conditions and
after receiving such indemnity as the County may think it proper
and necessary to stipulate and require.

Sec. 8. And be it further enacted, That any and all obligations
issued pursuant to the authority of this Act, their transfer, the
interest payable thereon, and the income derived therefrom in the
hands of the holders thereof from time to time (including any profit